Charity Registratlon No. 1079959 Company Re9lstratlon No. 3898084 (England •nd WAI•8 OCEAN YOUTH TRUST SOUTH (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020
OCEAN YOUTH TRUST SOUTH LEGAL AND ADMINISTRATIVE INFORMATION Chalrnian clf Executlv• Offlc•r Mark Todd Tru*t•es Brian Eyres Steve Lacey Frederick Coltr Ben Martin Rithard Grffilhs Eamonn FeeY Lesley Robinson Edward Bishop Lauren M3(knnio Lee MosgC¥DP Martyn Pov John Hicks RJOr Bolton (Appolnted 9 Novernber 20191 IApp(xnted 21 May 20201 (Apwnted 21 January 20211 (Appc4nlgd 21 January 20211 Other offic•r• Carolknfr Wtlte. BlnesS rMnag8r Ch•rlty Thumb•r 1079959 Comp•ny nurnb•r R•gl•t•r•d offle• 8 Ncrflh Meadow Weewl Lane Gosport HompsP4r Uniled KingdLNn P012 18P Ind•pond•nt •x•mln•r AzetsAudit SeNces Camac Placa Cams Ham E8lats Farehem Hampshi Unrted Kingth)m P016 8UY Banker LloJYls Bk PLC 57 High Street Christchurth Dorset United Kiwjom BH23 1BB
OCEAN YOUTH TRUST SOUTH CONTENTS Trustees, report Independgnl examinets rewrt Statsment ol flnandal aclvilbos Balance sheet 10 statsm8nt of cash flows 11 Notes lo the fnancial 818lew*nts
OCEAN YOUTH TRUST SOUTH TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 OCTOBER 2020 The Trustees, who ar8 dirKtors for the wrrx)ses of cOmY law. present their ret and finandal ststements lor the year ended 31 Oct¢knr 2020. The firwncial statements have ¥n prepored in accrydarKx th Ihe arKyJunling wliw sd out in not¢ 1 to the financaal statemnts and Gornp wilh Ihe rtArity's govomirrfJ d¢rnent. the Companies Act 2006 and "Ac¢Duntin9 and Reporting by Charities.. Statement of Recommended Prace applicabk to charItS preparing thelr attnts in acccydance with the Financial Reling Stsndard apICable in the UK and Republic of Ireland IFRS 102)" {85 8m8nded for aOunt1j periods Ccmrmencing Irom 1 January 20161. Chalrf• r•port In common with other ChalieS and buslnesses, this was a tha1ngIrj year for the Trust. We completed a successful vessel rafll al the start of the financial yoar and in March 2020 we were ready for the gaillng season with strong bookings and bright prospects. However. the owt of the CorcffiaWs pandemlc inltially forr£d pos1ponemenl to the season start. and then as the year went on and lh8 pandern continued, wlth government guidarKe ruling out any rg$id¢ntial activitses fry ytyng people, It evenlually became dgar that no sailing woukl be posbbtr for Ihè entire sea. The focijs of Ihe Tru8t dudng the year was therefore on protecllng our finances and $KurirKJ w fvturo. whlle supp¢yting our stsff, contlnuing lo engage our ¥olunteers and liaising wlh our clients. Wè rned lo do ever0 posslble to redLKO •xpenditure aTrJ- wth staffing ncmally our big9gSt CO8t- th1$ Included maklng 8Xtensive use of th8 CoronaMrus Job Relenllon Scheme, ¥th all but on8 of our staff furtoughed lor al least part ol the ye8r Énd 8t8ff hJrlcyJghed continuouY from April 2020 beyond the end of Ihe lin8naal y8ar. The speciali51 knowle6Jo and s115 p)ssessed by our staff m8ant thAt it was a priority to avoid maklng anyon8 dndant.. the thjll tèam have teen neede(I had it b•en F)ssibb8 lo resume sallkng at any polnt in 2020 and are n88d8d for a rgtum to operadoro in 2021. Al the 50me lime we lossed on briNJing in n8w funds to replace 1091 Voyage irKomè. The ch8dty'8 Incom from charitable activities fell by over £180,000 cornparèd wrth Ihe Pre¥u$ year; bul ¢hanks to some vory generous donots, In¢e from donations and leg8cbs was up by more than £140.CC(I In the same p8rioa. Ocean Youth Trusl Soulh is very gralefvl to all those Vh gave financial support during the year. This included very siynificanl sums from the Assouat)n of Sail Training OnJanisats)ns and a numbgr of spec4f Coronavlrus-relaled grant schemes, partlcukqrfy the COnaVirUS Job Retention Scheme ICJRSI. as well as contlnulng support from virtually 811 wr regular donor5. many of whom ndty lrfted fy8lrictions on donolions orKJinally intended to cover Voya fees for disadvantaged and vulnerable young people. in order to allow us to spend the fundg on ¢ore costs Whi we were unable to operaie. We atso receivgJ outstanding supwrt from our own rnembers and were pwtkulody 1ched by the lengths to Some young peopte to ralse mon•y for us evgn though their voyages had txen Can¢01d. At th8 and ol year our vary tal8nted Staff Skipper Peta Koczy dedded it was time for her to move on, havlng worked fulklime al sea for ning ye8rs. We were very fortunate to be abk trj appolnt Holly Vint as her successor. Holly is the flyst pgrson to Comp18 th& Joumey from teenage uow Member to Staff spper with Ocean Youth TrLbSt South. having flrst $ald wllh us in 2012 before joining our volunteers ond glsv spending a s8ason on the stsff, in 2018. when She worked as SailiThJ SuppDrt Officer to suppjrt our Sed se88Cn our new boat, Prolfft.
OCEAN YOUTH TRUST SOUTH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORn ICONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 A ful sailing 5ea50n in 2021 has proved impossie but we cN)tsly rrnnitorgd Govemment guidance and revlewe<l all our operations in the IKJht of avaikble COVID 8dvic6 In order to be able lo resumè sailing as soon Bs we coul(J op6role salaty. However, another disrupted season 1$ InlIab. Ing lo a second year of grgaUy-r8duced voyage income- tht all the $ir¥j5 were made wssiNe In 2020 with the tx)8t18ld up and several staff lurloughed year. The Trust has reservès mean the Trustees c8n be ccfflfidenl Ihal we can Survive the year. and thls would have been Irue even in a wor5t-case scenario ol no operaliong al all in 2021 combined wth an earfier end lo the Coronaviru$ Job Relenfjon Scheme. As thing5 Stand, we were able to make good use of the CJRS Into 2021 while planning a retum ¢0 operaiions during th& year. mtyatsng the imp8d on our reserves. However. Ihose reserves have larggty b88n deshJn8ted for expected frjtsJ expenditure. in antlc1p80n of raquiremonts such as a new mainmast and a new engine. 11 will btr extremety dfficult to replace reserve5 wthlch have lo be spont in 2021, and theretse bringlng in rw fuNJ8 wlll ojntinue to be a kXK)rtty. Ocean Youth Tru81 S¢yJth's charitable purwse h85 been 8t()ut supprts.ng ywng people and il clear that both tho pandern and k)ckdowns have had a k75ting impaci on Ihe w8llbwng ol young people. Activities such os Sail training. help'ng young people lo devebp confidence, team-working, rv$ilience, communicotion and more, will be needed more than ever to suppori Ihe nth'onal recovery from the pandemic. The Truslees are det•mined to do everything possible to ensure that Ocean Youth Tnjst South is in a strong po&tion to play our part. I would Ilke lo thank 01 our volunle•rs. dcffiors wvj stsff for tsr hard th and continued $upporL Obl•ctlYe• and •¢tlvltl•• ObJ8¢t8 •nd•lm Ocean Youth Trust South exists to offer per8on81 d8¥eknpment through adventuro under sail to yours peopl8 e(1111025. T alm ol our w¢yk is to help young people devel Ihe sk4ls they need to *Kc¢ed in life. Publlc boneflt The trusle&s confinn that they have compli•# wlth the requiremgnts of sectth 4 of the Charlties Ad 2011 10 havo dug regard lo the publ benefft guidance publthed by Ihe Charity Commmkn for England and Wab8S. U¥• 01v0t•0r8 The Tru51 rolios m voluntsry help. Volunteers gave 318 days of labour to thè rèfft of Pmlific between Novemb?r 2019 and M8r¢h 2020, and 78 volunteers had commltted to voya9p doles in 2020 which then had to be cancelled. In the absence ol any Sailing, a numl)8r of volunteeTS tum8d to raising fvnd5. cBmpa11ng for $upw)rt the industy, and othw actMti8$ induding 8UPFVting us and each other via sLxial med. The tr¢Jst8es have paid dug regard to guidarKe Issued by Ihe Charity Commlssth In declding what advitie8 the charlty should undertake.
OCEAN YOUTH TRUST SOUTH TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUEDI FOR THE YEAR ENDED 31 OCTOBER 2020 Achl•v•m•nts and perfornianc• Flnanclal re¥i•w This Is cleafty a ghty unu¥uo1 year a8 thè coronaluS pandemic Iwlted all normal operatR)ns compk9ts1y from March to Octc>eT. Tfuslees WoUj lik8 lo draw attention to 8 number of areas: The Irse in donaticns and leg8U8S to £306.73012019.. £186.4071 wenl a l)ng way towar(Is making up thè 1811 kn IncoTh Charitab aca1¥[ lo £14.07812019.. £195.4851. 11. Total expenditufe fell to £341.71512019: £410.7351. This indud8d substantial rgductions In vessel maintenance, victuaLs, freelancg f. bjel. h8rtwr fee$ and charts due lo running no voyages. There were fèwer saviThJ5 on the support gde.. we saved money ¢)n rent. rates and power. but spenl morè on computer equipment for remote working. AddttKJnalty, travel and subsislence cosls are Ihls year ind18 under supp Costs rolher thar) ChBritsble Acliviti8s as they las¢ yegr. 111. Th8 n•1 expenditure f•3ure for th8 year was £18,941. Whilsi thè Trust woukl prefer rKst to make kJ$s. under the unique cir¢umslances of the neMiC aThJ the complete cessadon of income- generaling acts'vities, we regard this as 8 sotisfact outcome and a tribute to all thoge helped lo reduce expendrtvre or increase in¢omo. The powtn is much better than Trustees feared when wo fiTrt consvjered th8 likaty finoncl81 Impllcations ol the pand•mic. Our pfevk)us vessel John Laing was fuly d8wedated down to rnsidual Va8, I•re88 the curyenl vessel Pnpltfic is b8ir¥J depreciatèd over of b8tsveen &20 years, dependent c asset type on the vgssel, arKI thig gwes rlse to a depredath)n charyg in year of £41,72412019'. £42,115). whKh will be ongoiw. This induded the net frxpgnditurg figurg for the ygar of £18,941. Stafflng Th8 charty furfoughed staff for 66% of thtrir nomial w0rVa timo between Apn'l w)d October. The Trust made the decision frorn the beginning to cx)nllnue pawThJ stsff their lull salary when fijrfoughed. We were ab lo dalm 68% of slaffs fvAough pay under the cOrc#v1$ Job Retention Scheme ICJRSI. This is 18ss than the 80% hea<lllne rale due lo changes in the Govemmenfs scheme from August to Ortober 2020 and lo the 8ch8me's wage cap. The Trust saved 41% of its tot81 wage bill frtyn Aprll lo October by furfwhlng Staff and meking claim$ under the CJRS. Th8 CEO w8$ fufloughed for 82% of that period.. the twt staff lor 88% and other 8h)rgbased stsff, ¢J8allng wlth the ongoing rnquirement to pay .11$, ralge funds and liaise with d68nts, for 45% of Ihe time. Onty the Business Manager h88 not been furt0hed 8t all. Thg Staff Cadet and the Admin Assistant were ful ludoughetl from 26th March and 6th April r8spgcttv8ly and did not work at all for the remainder of Ihe year. Everyone el8e wthed p8rt-time aTrJ was fiOhed p8rt-tirre 8$ ne&Jed. Cllont$ Many clients had paid, in part cr in fvll. lty 2020 voyages whith were cancelled. but chose to 88k us lo hold those funds on account for voyoges in 2021 rather than a$"n9 for a refvnd. This Is OVKlanca of the (x)nlinuing commitment of our cllents and Iheir bdiel in the value of the work we can do with young people. At the and of the financial year we h¢ld £60,127 on actnI fol fulure voyages12019.. £26.838}. Donors The inlentksn in the longer term is to ach¥9 a posiiKin in vthith tha Trust receives approximately 50% of Its funds from voyage fee5 paid by youThJ peop and their farnllies or the organlsab'ons which arrange for them to sail with u5, and ftJndrai8es to meet Ihe rernaining fundir requirem8nL The trustggs are enomiously grateful to the many very gen8rous dorLJts wts) wort th8 cw.
OCEAN YOUTH TRUST SOUTH TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 OCT08ER 2020 Year ?nd posltloD Al the end of the year the chartty w&8 in 8 Sls18ct finandal po4¢kin. wlth total reserves of somo £1.17m dominated by PmlffjG and her future needs. a$ follows.. Typ• ol reger Restrlcted Deslgnated General 484.098 458.349 230.021 Total 1.172.468 Al the year and the rtstrlcted furAts baLqnce comrrflsed the v•8sel hetseif and Cash spbclflc8lly donated tor the rom8lnlrrfJ relll work in futLO years. Thg trustees have designat8d funds to cover thDse fuiurg likety repabr and refurbishment C))Sts too material to be funded from a nom1 year's operating cash flow. It will be the tru$tees' intentn lo lop up this DesvJnaled Fund from to timo, wher8 wsgble. $0 Ihot the charity rn8intains Ihe ability to cope wblh oxpected fthure material rtP8lr n8e£l$. As usual. the thorty maintalnod a g8n•ral reseTho of s(Th sx months nLThal operatiThJ coBts. Cash arvj cash equfvaknnts were up by £76.785 in 2020 10 £714.739 {2019'. £637,954). Th• figurv for cash generated from Operatio wag £74.739 12019: £37.1. Thls Is due lo mbinalion of addltlonal funds hdd a¢Ut future voyages. Irom clients who chose not to ask for tundS lor cancelled voyages. donaihjns made tw8rd$ the erNJ of the financial year for u80 in the IlOw1ng year. Poll¢y t)n ro8WV Thp Trusfs pc41cy is lo hold free r8seNeg of ttween three and six ftnIh$. operating expenses. The Iru51ee$ aim Iow8rds the upper end of thal range. Free reserves at Ihis level p8rmit the trust lo c(mb'nuo operating wllhout income for a suffidenl pork)d to elther swYc athjitional funding dMatKM$ or wind up activities in an orderfy manner. Inv•stm•ntpoli¢y •nd object1$ The Trust malntains a high inlerest actounl to maximise intore81 on reserve$ wh1181 retaSning reasonabl att858 lo the fvnd•. Golng eonc•m The Trustees ¢On$Kler a range of for Ihe 2021 season indudlng a wor5t•case scenario of k)&ng the gnlire sailing season. Such a gtuation woukl havo used up much of our designaled res8ry8s bul left us with sufficyent lunds to continu8 operating. How8v8r, as thir5 Stand. the eontinu8d supwt of our donors. the exiension of Ihe CJRS and th¢ bkelihooj of condu(ng voyages from tr+e summer onwards. albell at rgducgd occupancy, we are unlikety to make larye inroods inlo otjr reserves. Therefr)re, the Trustees 8re satisfied that. wrth our u)ntinuiThJ suco*ss in bringin9 in new funds and thg thusiaSM of our eslablished clients to resume sailing with us. thÈ drtty has adequaie resgrves to see us through Ihe 2021 se8son and the wlntgr 2021r22 refft and mainlain rtself a5 a going concem into the luture.
OCEAN YOUTH TRUST SOUTH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 structurB• gov•rnanc• and manag•ment Naturn ofgovgmlng document Ocean Youth Trusl South is a company Ilmthl by gutr8nle8. ¢91[lUte ty the moTh)Iandum 8nd Arucles of Association. It is B regislered charity goverrnd by a mageMl C4)mmltteg drawn from indNiduals •l•ct8d at an annual general meeting {the trustees). Tnvtst•es svln9 durlng th•y••r Brian Eyres Yvonne Ta01 Sieve Lacey Frederick Cole Fiona Pankhurst Ben Martin Rthard Griffiths Michael Bowl88 Egmonn Feenay Lesley Robingon Edward Bishop Lauren Mackenzie Shaun Ormrod Lee Mosscrop Martyn Powg (resigned 7 November 20201 (rWed 9 Novemter 20191 Ir8svJneJ 9 November 20191 {ro8igned 16 January 2021) {appointed 9 November 20191 lapwnted 21 May 20201 R•crullm•nt and appolntment of trustw¥ The Trustees m8y C(popt gdditional trustees subject to cfirMatIon by the MberShIp at an AGM. Inductlon •nd tr•lnlng ol trust••s A Trustee Inductlon Pock has been prepared summartslng a tru5tee'$ dutles along with th6 history. operallng methods, staffing structure and finance5 of Ihg trust. Al new Iw$t8e$ awe invited to meet with Chalman and Chief ExecuiNe lo discuss Ihe role 8nd the organi8alKIn. Oryanl$•lonal stru¢tuff• The Trust is managed by Ihe Chiet Executive Buslness M8nager In gccordance wth the poliue5 sel OLrt by the Trustees. In maiters of s8amanship and vessel safety the skipper in command of ihe ve55el h8s the uNimat• declsion-maklThJ authorfty h8ving due regard to Ihe siandard operating PredureS lald th)wn by th8 charlty. The charity is a member ol the Agsodatlon of Sail Tr8inlng Org8nisalions and is a Royal Yachtin9 A8sOciWi Sea School. Major rl¥k• •nd man¥g•m•nt of tho•e rlsk• - Totsl loss of a vessel - Reputats'onal rigk from death or sedous ir¥ury to a pwson wtopotirvJ In a voyage - Major dlsnjption in fvndraislng InCe - Skn¥ resumption of nonnal odivty pDsl Cov#*19 bxkd(r•m The operkn'onal risks are 8ddressed by rigorous OFeratirvJ slandar(Is addr8ssiThJ all aspects of safety on board. 8nd the financlal risks by both malntaining a¢Jequate reserve5 ond by a conttnuing effort wth a de r8ng8 ol supporlers and don0 to do •vorIng pxssible to maintain irmme. As notgd above, folk)wing tho Covid-19 Irxkdown, Ihe tharity had Ihe roSeTh lo wilh no suMpts0n of activity at all during 2021.
OCEAN YOUTH TRUST SOUTH TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 The trustees, rèp3rt wa8 apwovsd by the Board of Trusta85. Eamo n Fe•ne Chairman Dated..
OCEAN YOUTH TRUST SOUTH INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF OCEAN YOUTH TRUST SOUTH I repc¥t to the Intstees on my ewNnatKffl of the ffinarti stalemnts of lknan Youth Trust South Ilhe chantyl tr the year ende(131 October 2020. R•#pon•lblllllgs and I1¥ of report As the Iruslees of the land a150115 directors for the purposes of company lawl you are spOnsible lor the preparation of the financ4al Strtents in accordanr wrth the rgquirements of Ihe Companies Act 2006 {Ihe 2006 Acll. Han9 satlsfi•J myself that the financial sialements ol th& chgrty are not rnqulred to be audriod under Part 16 01 the 2006 Act and are eligible for Indepen¢Jenl ex8mination, I roport In respect of my examSnatlon of the charity's financi81 statements carried oul under section 145 of tha CharilS Ad 2011 (the 2011 A¢tl. In carNng oul my examination I hav8 lollowed all the aP1¢ae DIrecn5 given by the Charity Commission undeT socllon 1445Mbl of tho 2011 A Ind•pond•nt •x•mln•rf• •tatsm•nt Since thè ch8rlty's gross income exceeded £2,000 ywf examiner must be a rnernber of a boty list8d in 8ocilon 145 01 the 2011 Act. I cg)nfimi thal l am qualified to undertake vxamination because l am 8 m8mtr of tho Inslilule of Chartered Ac0nIants in Englarrtl and Wales. i¥ ono of the Ilsted bodles. I have completed my examlnob'on. l o)nfirm that mott8TS havo oJrr to my antknn in cgMnoction with th8 ex8minatlon gmng me cause to believe that In any material resF4ct'. aUn'1YJ records were nol kepl in respect ol the charity as reqred by sgclion 386 of the 2Crt)6 Art or the financial statements do not accL1 with those rewrds.. cr the financial slalements do nol ComY the accJunting requIreMts of seclN)n 396 of the 2006 Act olher than any requirement that the accounls give 8 true and tslr view whKti18 not o maller consklered as Pgrt of an independent examlnation., or the financial statements h8ve not be•n prepared In accordance wlth the m8thods and prlnciples of the Stotemenl ol Recommended Practice for acccunling arKI reporting by charllies applicabK8 lo ¢harilie8 prep8ring their on[S in ac(xJrdanc• the Finanry81 Reporb'ng Stsndard 8ppIic8ble in the UK and Ropublic of Ireland IFRS 1021. I have no ¢xfthms and havo come ocross other mattors in wnnectK)n with tha èxamination lo whl gttentSon should drawn In Ihis report in tyd•r to en#e a Fper undendIng of the flnancl815talements lo ba r8ached. Zara Hogg FCA (Senior SLJt0ry Audrior) For ond on behalf DfAzets A1t Sgr¥ices StalutoryAudilors the Institute of Chartered A(tount8nts in ErwJiand and l•Val•s Camac Place Cams Hall Eststs Fareharn Hampshir8 P016 8UY United Kingdom 20 July. 2021 Dated..
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OCEAN YOUTH TRUST SOUTH BALANCE SHEET ASAT31 OCTOBER 2020 2020 2019 Flx•d 48•ets Tangible assets Curront x•ets DebloT5 Cash at bank In hand 14 578,159 621,455 15 26.916 714.739 100.410 637.954 741.655 738.384 Credttorl: amount• l•lllng due wlthSn one y•ar 16 1147.346> 1168.410) Net cu8nt aS8018 594.309 569.954 Total as••t• l•ss ¢urr•nt Ilabilttl•• 1,172.468 1,191.409 Incom• lund• Restrided funds Unre8thded fund6- deskJn8ted Unrestridod funds - general 18 19 484,098 458.349 230,021 525,822 458,349 207.238 1,172.468 1,191,409 The ch8rty is •nbtbd lo the ex8rnptl from the audit requwerrwrt cont8lnod In section 477 of lh• Compan1è8 Ad 2006. for th8 year ended 31 October 2020. The dlre¢tThry athow18dge their r¢sponsibilthg for ensurirvj that the (arlty keeps aCCnting records whlch comply with sgctKJn 386 of the Act and preparing financial slatements which give a Iwe and fair view of the stale of affair5 of the company as at the erKI ol the financkgl year and ol its inCning f•souTce8 and appllc8Jon ol r&sources, includlng its incomè and 8xperKlituro, for the financial year lft accordanc8 wth thg r8qulr8menls of sections 394 and 395 and whth otherwise compty vlth requiromgnts of the Companlos AGt 2006 reling lo financial siatemen15. so far as 8p1¢8b1e to th8 c(ynpany. Th8 members have not roquiTed the v)nyany to obtsirt an audlt of its financial slat8m9nts for the year In quest in accordanc• with section 476. These fln8ncYal Statrents have been pr•pgred li wilh the prw8lon$ applb to c)mp8ruoS subject lo the sm811 ¢PanIeS regime. The fln8rrial stslements were approved by Trusl•es on .. Eamonn Feen Chairni•n Company Reglstratlon No. 3898084 10-
OCEAN YOUTH TRUST SOUTH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2020 2020 2019 Cash flows from operatltyg a¢tMII•¥ Cash genwated from OFeTations 74.739 37.9 Investing acllvltl•s Purchase of tanglble fixed 8ssets Procoeds disposal of taftgie fixed assets Investment Income rEcelv8d 125,148) 1.268 N•1 ¢ash gen•rat•d fromllus•d In) invmtlng actlvlti 2.046 {23.8801 N•t ush u••d In fin•n¢ing actlvhl•• N•t In¢roa8• In and ¢a•h •qulval•nts 76,785 14,116 Cash ond cash equivalents at beglnniry of yoar 637.954 823.838 CA$h and cash •quival•nts at •nd ol ymr 714.739 637,954 11
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2020 A¢¢ounting poli¢i•s Charlty Irrfomiatton Ocean Youth Trust Swth 18 a private eomp8ny IAmit8d by warantee clad in Enuqand arrtl Wal8s. The registered off8 is 8 North M&•Jow. Weevil Lar. Gosport. Hampshire. P012 1BP, United Kingdom. 1.1 Accountlny ¢onv•ntlon The financiql statements have been pr8pared In ¢dance with thts charitys goveming docum8nt, the Companlgs Act 20Cfj and 'Accwntin9 aThJ Reporting by Chbe$. Statement of R8eommended Pradce app.cable to charilies weparing their ¥¢CJwnts in accordance wrth the Fin8nd81 Reporting Stsnd8rd applcable in the UK and Republic of Ireland IFRS 102)- (as arynded for accounlng pericds commencing from 1 January 20101. The charity is a Public Benafil Entty as defined by FRS 102. The finondal stalernents are prepared In sterling. which ts the fiJncYono1 currenw of lh8 tharity. Vn8tary amounts in these finan(4al statements are rounded to th• nearesl £. The fin8nclal statements have been prered undèr tho hlstfknl cost t4)nnIn. modlfied to Indude the r8valuallon of Ireehukl prcoerties and to inclu(Je Inveslm9nt properb.es and rtain finan¢io1 instruments ot falr vaKw. The principal accounkng Oiclgs adopt•J are 8el out beknw. 1.2 Golng ¢onc•m Al the time of approvlng the fln8nc181 ststsments 8nd after having mcJoll8d and conskler8d varfous possible levels of imp8cI of Covi¢J-19, tho trLthg have a ffimi expectatn Ihat tre charty has adequate r8sourcts lo c))nlinue in cpefational 8$tence for the f(weseeable future. Thus ihe trustees continue tt> adopt the sr)ing concem basis ol aCC¢nn9 In preparing the finarnlal stalgments. 1.3 Ch•rftabl• fund• Unrestrlctod fund5 are •v8ilèble for use al the dl9cretK of th• tru¥te•8 in fUrInee of thefjr charltab ¢)biKti¥es. Reslriced funds ore subA8ct to 5poth cry0$ by donw4 a5 to how th•y may u80d. The purpos88 and uses of the rg5tricted fund$ are set (Mjt in th8 not•s to the fn8nrAg1 $tement8. Endowment fund8 are subjeth b speafic coTrJitlong ty that the capltsl musl be maintained by Ihg tharity. 1.4 In¢omlng re•oure•• Income is recognised when thè charity 1$ legalty enlittetl to 11 after any perfomanc conditN?ns have been met, the 8mounts can measured relvabty, and it probabk8 that income will bo roceived. Cash donalions are recogn19eiJ on receipt. Other donats.ons are recconised once the chBrty h8s b8en notified of the (lonatbn. unss perfoftnanc8 )nd'OnS require deferral of the amount. Incorne tax reVerable In relation to donations rKeiv8d under Grft Aid (T dg8ds of ojvenant is re(y)Jnlsed al the Ume of the donation. Leg8aes are recognised on recolpl or otlvwse tl the drity ha5 been rK)tified of an impending dislribulion, th8 amount is known. and re(ipt ts expected. Wthe 8munl is r1 known. the legacy is trealed as a ojntlngent assel. fy)vemment gr8nts for Ihe QIRS are TecognLsed in Ihe F¢riod to wthich they relate. Deferred income relates to swlry f98s for Ihe folk>w"r•J year only. vthith is invoiced in advan(*J and th gffwjunts deferred are released in ffijll in that folknM"ng y8ar when the event booked h8s laken place. 12-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 Accountlng polkhs (Continu•d) 1.5 RQure•S •xp•nd•d Li8bilrt18s arg r8cognlsed as ag there18 81ogal or Constr obligation u)mmTIUng Iha charfty lo the expditra. All expendrture is accounted lor on an acc¥uals basis and has been dassifd under headings ihal aggrepale all cx)sls lated lo Ihe category. Cost5 of generating fvnds are tha costs assc¢Aat8d 1th attrwiro vduntary incoTh. CharitatAe exp8ndituro c>)mprf8e9 those o)sts incjjrred by the charity in thg dellvery of S activltl85 and seMces for Its bgneflclars. It Includ85 t>)th costs that can b8 alkèted diredy to $u¢h activities and thoso rnsts of an indirect nature necessary to suppNI them. Support costs include central functSons and have been allcKaled lo cost calegorles on a basls cOnStent wth the Use of resources. lor exarnp, dloc8ting prop8ty costs by ffloor areas, or per capita, staff costs by lime ynt and olh8r costs by their u58ge. Govfjmgnce c06t6 InclL•Je costs 01 th• kKeparation arm1 ex8m¥Wion of tha statutory aclyjunts, th8 cost of trusteé meets.ngs and the Gc41 of any al 8dvlo* to trusle88 ¥manO¥j or con8titulbon81 matters. 1.6 Tanglbl• ftx•d a¥•ots Tonglble fixed assets are initialty m8asured at g)gt and 8uWuenUy m018ed at ¢x)sl (x valuatlon, net of depreoation and any impaim)8nt losses. Oepreclailon Ss recognised so as to writ• Lrff tho cost or va&110n of assets 188$ their rgs¢dual values ovar Ihelr usefLtI Ilves on the Idlowing bases.. Plant and equlpm•nt Computers Sailing vess•ls Wrltten to fespaual val 15-33%% strawJht line &20% strgight hne Thg gain or loss adsing on the di8pxal of an asset Is tletemiinod th8 dffigrgn¢e beknn the sale pr(Keeds aNI Ihe c8rryir#J value ofthe asseL recognisad in net incg)m&(e¥pendlturel for the year. 1.7 Flnanclal In•trum•nts The charity has elo¢led lo appty the prowsions of seCtn 11 'Basic Financ4at Instrum&nts' and Section 12 'other Financial Instruments Issues, of FRS 102 lo all of its financKg1 instruments. Financial Inslnjments are rgcogniged in the chanvs bance sh#•l whèn the tharity beMe8 paty to the contraciual prowsions ol Ihe in51rumonl. Financlal 8ss•ts li81}tieS are offse( wllh th8 net arrwnts presenthd Sn th8 finana81 statsm8nts, when Ihere is a legalty enlcrteabie right to sel off the recognised amounts and there is an in18n1n to settle on a net basis or to reahse the asset and settle the liabilrty simuttaneousty. BaslG Ilnanclal assets Basic fin8nclal assets. which induth debtors arxl cash ond bank balances, are wiilkilly measured al transaction price including IrJnsactth ¢y)sts and are subsequenty ¢affied at amorbsed cost using Ihe effective interest method unsS Ihe arrarrfJemenl conslltutes 8 finar1n9 Iransacuor), where th8 transaction s measured at the present value of the future receipts discounled at a market rale of intgrgsL Financial 8ssets cla6wf as receivable wlthin (Th year a Tt 8m¢ytis•d. 13-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 OCTOBER 2020 A¢¢ounting pollcks (Conlinued) 8aslc Iln8n¢lal Ilathllde5 Ba$1¢ financial h'abilit$. Induding c¥edIt$ and bank loans aro initialty rwini5ed at transttdi wce unkss the arT8nggmenl constitutes a financing trarwclion. where the debt instrtjmenl is measured at thè present valu• of the fijture payments discounted at 8 Maet rats of interesl. Finanrjal liabl8$ C$6 as PaYae wlthbn one year are not amorused. Dg1)t instnjments ¥ro subsgquontty c&rritrJ al amortis t)st. usiTrJ the effeth.ve Inleresl rate method. Trade creditor8 8re cJlKJation5 to Pay for gwls or sefvitss thai have been 8f4uired in the ordinwy cJr36 of ope{aon9 from suppliers. AMnts payable 8rè claSsrfd a5 curnent liabilitkgs if payment Is due wlthln ong year or less. W rt, they are presented as nc¥Kufrent liabilitses. Trade creditors are reccgnised inib'ally * transaction price 8nd subsequently Tha$ured al amortisod cost usiry the effectivo inter&st method. D•rncognlllon of flnancl•l li•bllltles Fin8ncial liabilities are derecconised %then th8 charitys ctraCts oblig8tbons exp or arè dlsthwJ8d or cancelled. 1.J Retlrqm•nl b•n•frts P8ym•nts to deflned c¥Jntrfbutk)n rnllr8menl benefft sthomB8 are charyd as an expense as they fall du•. Crltlcal 8¢¢ountlng Mtlmat•• and ludg•ments In tho appllcalon of th6 d)arity's •¢wlg polldes. the tru8te68 we ioqulr•J to mako ludgomonts. e8timat8S and assumptions about the carrylng Amount of assets and li8bilitbes Ih8t af• not r•adily 8pparenl from other souroes. The esbmales and associated aSsuMptn5 arv based on hlstorthl experierKe aTrJ other factOT5 that arg condered to be ffjlevant. Actual rnsuhs may differ trom th08• eslimatss. The e8limats8 and undorfn9 assumpu8 aro re¥%d [ an ongokng ba8ts. R•vi8lons lo atLtsunting estimatss are recognised In the p(*j in whith the estsmate 13 revised vkn8re the Ts1On affects onfy that pervjd. or in the Fefiod of the revtsion gnd fviure F¢riods where the revisK?n affts ix)th i)Jrrent and futurg rlods. Donatlon• •nd Unr••trld•d R•strict•d lunds funds general 2020 Total UnTrstricted Reslricted lunds fijnds gengral 2019 Total 2020 2020 2019 2019 Donations and gtfts ovid-19 related govgmment grants 173.284 74.101 247,385 44.482 121.925 166.407 10.( 49.345 59,345 183,284 123,446 306,730 44,482 121,925 166,407 14-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 Charitable actlvltl95 Boat 2019 2020 S819$ withln charitabl8 8GbMties 14.078 195.485 Inv•$tm•nts Unr•stricted Unrestricted funds Jnds g•n•ral general 2020 2019 Interest receivab 1,346 1,288 Other Incom• UnrMtrlct•d Unre5tr1cted funds funds g•n•r•l gener81 2020 2019 Net goin on disFosal of tangible fMd assoll Other inco 700 {801 2,922 620 2,922 R•islng fund• Unr•strfctod Restricted fvnd• fund¥ g•Treral 2020 Total Unr•slTiCted funds goneral 2019 2020 zozo Fundraisin and ubli Stsff costs 23.953 3.049 27,002 26.219 23.953 3.049 27.002 28.219 1s-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 Charllable actlvltlo8 Boat 2020 Boat 2019 staff costs Depreciatlon and Imp8imwnl PublIty costs Free18nc8 boat f895 Vessel malnlenanco Trainlng Vlctuals Fuèl, harbour fees and c*art8 Travel and 8ub&sl8nc• Llcen8es ond insurance 92,236 43,687 1,132 7,813 67,812 2,243 16,765 16.226 2.698 17,306 43.296 810 37,659 4,278 3,271 14.856 201.876 267.918 Shar• of support i>Jsts {$90 note 91 Share o19ovemance costs {sfje note 9) 106,922 5,915 110,182 4,830 314.713 382,930 Anaty81s by fund Unreslricled funds- gener Rastrlcled funds 192,993 121,720 218,889 164,041 314,713 382.930 Support costs Support Goveman costs 2020 Support Gov8manGe 2019 Staff c0818 operdb.ng leasg charge5 Finance costs Administration $ts 79.640 6.557 1.1 19,535 79,640 6.557 1.1 19.535 83.172 7.403 2.471 17.136 83,172 7,403 2,471 17.136 Audit f88s Accountancy 5.915 5.915 4.080 750 4,080 T50 106,922 5.915 112.837 110.182 4.830 115,012 Anatysed between Charitable activities I.¥22 5.915 112,837 110,182 4,830 115,012 -16-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 10 Tru8ts•8 None of the Irusiegs (or any paonS connected wAh them) received any remuneration or bonefts from the charity during the year. 11 Employees Num1 of •mploye•* The averwJ8 monlhty numbgr ofemF4oyees durw¥J the yew wa5: 2020 Mumb•r 2019 Numb•r Shore based Sailing Employm•nt ¢ts 2020 2019 Wages and salaries Social security eosls Other p8n5ion c4Jsts 186.826 .12,547 3,913 182,001 16,238 3.388 203.286 201.627 The lotsl employee btrntsfrts of tho key management tmonnel. Ihal being the CEO & Busintrss Marwer, of the charity were £79.46412019- £77.5261. The ffve ghore-b8setl employees or? a mixtyre of fijll and time staff rgpregenfjng thg four fvH tlme equivatent staff posrtions in 2019. Ther& were employ88s whos• anN81 remratiOn was £60.IY]O or rTh)re. 12 Oth•r •xpendltur• Total Unrestricted funds nerol 2019 2020 Net I on dtsposol of tsngibie fixed assets 1,586 1,586 13 Taxatbon The chanty is a register&J ctsrity and is tFEreftye exempt from taxation. 17-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 14 Tanglblo fSxed assets PlantarHI Compulernswlity tell •qulpm•nt Tol•l Cost At 1 November 2019 Disposals 25.397 1700) 16.401 726,611 768,409 17001 Al 31 Oclot*r 2020 24.697 16.401 726.611 767,709 O•proclatlon •nd ImpaSmw Al 1 November 2019 Depr8claUon thafged in the year Ellmlnated In resptrcl ol dIspry15 24.897 13.782 1,572 108.275 41,724 148.954 43,296 {700) 1700> Al 31 Othber 2020 24.197 15,354 149,999 189,550 Carrylng amount At 31 October 2020 1,047 576,612 578,159 Al 31 October 2019 2,619 618,336 621,455 15 blerS 2020 2019 Amounts f•lllng du• wlthln on• y••r. Trad8 doblo Other debtors Pr8paymenls and accruod Inc 7,394 4,497 15,025 92,471 5,952 1,987 26,916 100,410 18 Credltorn: amountj fallSng du• w5th1n on4 y••r 2020 2019 Other t1 and social ge(xJrity Deferrgd incorne Trade creditors Olher creditc Acuuals and deferred incom• 19.144 59,963 60,822 740 6.677 19.242 138.063 5.157 147.346 168,410 Defened inc#)me relates to sailir•J fees for 2019120. deferred unb'l 2020121 due to kjss of sailng season in rTent year bKause of CoYKI-19. 18-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 17 Rellremont hn•fll s¢h•m¢ D•fin•d contrlbirtlon seh•m•s The charity oper81es a dgflned contribulK)n p8rtsion 8dne a4 walty'ng employees. The assets of the h8m8 are held separatety from Ihose of the charity In an irKJependentty administered fvnd. The charge to profft k)ss in reSpt oldofined conlribUtic sm•S was £3.91312019- £3,388). Ccntribulions totalling £1,20212019- £1.137} whith were p8yabl8 to the scheme at the 8rd of the ye8r are in¢lud8d in credilors. 18 R••trl¢t•d funds The income funds of the charity Miclude r8Stricled fvn¢Js fmprisir¥J Ihe follovAng unexpend8d balancos of th)nallons and grants hgkj on trust for speofic purFKWS.' Movem•ftt In fvnds Trn¥l•r• l No¥•mb•r 2019 •Np•n¢•d 31 Oib•r2020 Prolific fijnd Sailing lees lund R81it and MaIntenCe lund Salary fund Other furKIs 525.822 {41.724) 484,098 40,401 140,401) Is,KJo) ITO,411) IB.734) 70,411 6.734 525.822 123,446 1124.769) {40.4011 The Prolffie fur repre8•nts fund8 received to enabbg th9 thty to have purth060d Prdffjic 8$ a roplacem8nl for John LalThJ. This indud8s the additw)nal work required lo contsnue to enhance Prolific'y operating capodty based on lessons leamod once the charty slarl&J using her for voyage8 for young peopl8. The S8illng fo•s fund reFXets lund3 receNed lo pay for 8aillng fees aSKlI10d with futurè voy8ge8. The Refft and maintenance fvnd represents fvnds Tecefved to maintaln Prolill¢ In 8 8eaworthy stsle. The Sa18ry ftjnd repr¢sants fvnds received to pay f empknyment C0918. The amounl of £40.401 12019 - £nill has ipn transferred from Reslri¢tad funds to Unrestricted ftjnds - general as agrged with donor5 10 aitl tha charitsbk comp8ny in surviviThJ ihrough the COd-19 outbreak. -19-
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 19 Unr•5tr1thd fund . dIgnated These are unreslrict8d lund5 whieh are material lo thè d)8ritys actlvltl85 made up as folbws". Mo¥em•rtl Mov•mgnt In lund8 In fvnds B•1w •t In¢14 8•knc• at Incornlng 6aknc• •t I ND¥•mb•r rw¥ur¢# l Novwnb•r r•mUrC 31 odob•r 2018 2019 2020 Boat condngenry fund Boat refit fund 30,(0 428,349 30,000 428,349 428.349 458.349 458.349 458.349 The Boat g)ntlng8n fund ex to cover unplannwj mainten88 arKI repoir costs durlng the next Sailing. Tho Boat refil fund exists to Ver major malnl8nance and refurbishment work whith will need lo be c8rri•d out 81 regular Intervals. These %KJrks indude replacing the folhmng; maln magt, erylnes. wlndles. windloss. firo systems, sails. standing rigging and electrKs. 20 Art•lysl• of n•1 a•s•l• bth••n fvnd• Unr•strlct•d Unr•trlcted R••trl¢t•d lund¥. lund- funds gener•1 d•slgn*•d 2020 2020 Total 2020 2020 2019 Fund baL8nces 8t 31 October 2020 8re represented by: 112,428 117,594 485,731 18.366 578.159 594.309 821.455 569.954 Current ossetsllllatsl'e$) 458.349 ZaO.IY22 458,349 484,097 1.172.468 1,191.409 21 Charlty statUB The charty is a company limited by guarant and con$equenUy ¢Joes not have $h8re caplt31. Ead) ol the tNslees is liat48 lo contribute an amount nol exceeding £1 towards thg assets of the char'ty in the gvent of liquldatKJn.
OCEAN YOUTH TRUST SOUTH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2020 22 Op•rating100$0 ¢ommltm•nts Al the reporting erKI date the L8rlty h1 outstsndln9 mitMts for future minimum lea8e P8yment5 under nondeancellable operating a$s. vthi¢h fall due a5 folknvs.. 2020 2019 Withh (Th year 5.005 23 R•l•t•d party transactlo Tran•actlon• wlth r•latsd parth• Durtng th9 year the charity entered into the lng transacli(ms vAth rel8ted parties.. S•rvlc•¥ provlded 2020 2019 Enliliés (x)ntroll•d by trustees of the corrpany 173 During the year the charitable company incuNed expenses of £173 12019: £nill for stsff first aid training froTn Kry Yach15, a business run by Yvonne Tayky who was a trustee of ihe ¢h8Titsble MpanY during th8 ye8r. The outsl8ndirvJ balance at the year end is £nil12019'. £nil). 24 Ctsh g•n•rated trom op•r•tlon• 2020 2019 Dgficit lor ye8r {18,9411 (44,6531 Adjuslments for.. Invastmenl income recognised in 5ts1ement of finanryal acll¥ili8s IGainyloss on dlsposal of tsngib18 fixed assets De[1)n Im1rm0nt ol targible [ed assets 11.3461 17001 43,296 11,2681 1,586 43,887 Movaments in Won9 capitsl.. Decreasg in debtors Increaselldecreasel in crnditors IDscreaSeyincase in defer inc£ne 73.494 S7.036 178,1C(JI 15.997 11,0461 23,693 Cash gerated from opernlions 74.739 37,996 25 Analy¥ls of ehangos in nrt fundg The charity had no debt duri1 the year. 21